N.J. Admin. Code § 14:4-5.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 14:4-5.4 - Board review procedure for an initial application for an electric power supplier or gas supplier and for an Annual Information Update Form

(a) This section sets forth the procedures for acceptance and processing of an initial application and for an Annual Information Update Form for an electric power supplier or gas supplier license.

(b) Within 60 days after receiving an application for a license or Annual Information Update Form under this subchapter, Board staff shall notify the applicant if additional information or investigation is needed to determine whether the applicant has met the requirements of this subchapter.

(c) If Board staff requests additional information pursuant to (b) above, the following shall apply:

1. The applicant shall have 45 days from the date of the request to submit the additional information;

2. If the additional information is not submitted within this 45-day period, Board staff shall cancel the initial application and provide notice of the cancellation to the applicant or provide notice of potential actions by the Board in the case of the Annual Information Update Form; and

3. If an application is cancelled, any later application submitted by the same entity shall be deemed a new application and shall be accompanied by a new application fee.

(d) If there is a material change in the information provided in the application during the processing of the application, the applicant shall immediately inform Board staff in writing within 30 days after the change. Failure to so notify Board staff may result in denial of the license.

(e) Board staff shall notify the applicant when the issuance of a license is approved.

(f) Within 60 days of filing an initial application, but no later than two weeks prior to the approval date of the application, the applicant shall submit a surety bond for the amount of $ 250,000 for an electric power supplier license or gas supplier license.

(g) The surety bond required under this section shall be:

1. Issued by a company that is licensed by the New Jersey Department of Banking and Insurance; and

2. Posted for a term that will extend for at least as long as the license remains in effect.

(h) The Board may grant a modification of the surety bond amount for the initial license, if the applicant submits substantial evidence in support of the modification. Any modification shall be commensurate with the amount of anticipated business to be conducted in New Jersey. A request for modification of the initial license bonding amount shall be made in conjunction with the initial application.

(i) Thirty days prior to the expiration of the surety bond, a licensee must file a renewed surety bond for at least the next annual period.

(j) If, after issuance of a license, it is discovered that any part of the application was inaccurate or noncompliant with this chapter, the Board is not foreclosed from bringing enforcement action against the licensee for the inaccuracy or noncompliance, including suspension or revocation of the license.

N.J. Admin. Code § 14:4-5.4

Amended by R.2012 d.091, effective 5/7/2012.
See: 43 N.J.R. 1150(a), 44 N.J.R. 1534(a).
Section was "Processing of an application for an electric power supplier, gas supplier or clean power marketer initial license or renewal".

Amended by 53 N.J.R. 1573(a), effective 9/20/2021